Tax Strategies
For better or for worse
Insightful article by Donalee Moulton in the Investment Executive. Spousal RRSPs can be a simple and effective tax-saving strategy for married and common-law couples. But these accounts are not for everyone – and have potential drawbacks. These plans are intended for couples, both common-law and married, who have dissimilar income levels, notes Ed Rempel, a fee-for-service…
Read MoreHas the tax revolt begun?
With the Liberal attack on small business plus tax rates passing the psychological 50%, I have seen a surge in Canadians contacting me for a Financial Plan to minimize tax. There are many effective tax-reduction strategies. Excellent article in the National Post about the mysterious 5% drop in taxable income reported with no reason, which…
Read MoreUnconventional Advice for Entrepreneurs
I was pleased (and a little surprised) to be interviewed on the “Young Upstarts – Voice of a New Generation” blog this week (despite my age and business longevity). 🙂 The blog is focused on entrepreneurs. They tend to get “conventional suboptimal advice” like everyone else – but unique for entrepreneurs. Entrepreneurs started their own business for…
Read MoreWhen is your RRSP too large? (as seen in National Post)
I’m excited to be quoted in both the National Post and in Jonathan Chevreau’s “Findepence Hub” blog! “When is your RRSP too large?” Here are the links: National Post Findependence HUB My view is that a RRSPs over $750K-$1 million may not be the most beneficial. If your tax rate on withdrawal is higher than…
Read MoreEverything you need to know about being in a relationship and filing your taxes
Interesting article and interview by popular blogger Desirae Odjick from Half-Banked. I’ve always found doing my taxes to be a great date night. Me, my partner, a glass of wine and some sweet, sweet tax documents — what could be better? Read more…
Read MoreTFSA or RRSP? – The Right Answer for You
TFSA vs. RRSP is one of the most common questions I am asked. If you want to know for sure which is better for you, then you need a financial plan. Many articles have been written on this topic that list pros and cons with general opinions. The truth is that: When you include the…
Read MoreRRSP Gross-up Strategy – Easily Contribute 40-70% More to Your RRSP
Wouldn’t it be great if you could save a lot more for your future without affecting your day-to-day cash flow? One of the main things people learn when they first have a retirement plan done is that you need to invest more than you thought to have the future that you want. But with all…
Read MoreShould I Delay CPP & OAS Until Age 70? – Complete Answer with Real-Life Examples
Most seniors start their CPP and OAS when they retire or at age 65, without evaluating the options. The truth is that many seniors would benefit from delaying CPP until age 70. Here is how you can figure out what is best for you. The government pensions, CPP and OAS, are full of cool opportunities…
Read MoreThe Lowest Taxed Type of Investment Income – 6 Ways to Invest for Deferred Capital Gains
Of all types of investment income, you pay the lowest tax on deferred capital gains. Paying tax 20 years from now on a capital gain is much better than paying tax on a dividend or capital gain this year. How do you invest for deferred capital gains? In recent years, many investors have been…
Read MoreCapital Gains Refund Mechanism – Why Mutual Fund and ETF Investors Potentially Pay Less Tax
When I see tax returns for do-it-yourself investors, I am often struck by how much tax they pay on their investments. Many high net worth investors also pay a lot of tax on their investments. However, when I see tax returns for mutual fund investors, most of the time they pay very little tax on their investment…
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